Trip.com plans to raise USD1.4 billion in secondary Hong Kong IPO
Trip.com is on course to raise about US$1.4 billion with a secondary listing on the Hong Kong stock exchange.
Its share price was set at HK$333 (US$42.95) .
That represents a premium of 11% compared to the current price of its shares on the Nasdaq. It first listed in the US back in 2003.
In the prospectus, the company said 2020 revenue of $32.8 billion is down by nearly a half in a ‘challenging year’ for travel.
Nearly all of its revenue came from domestic travel due to border closures in most of its international markets.
With a second IPO Trip.com becomes the first travel company listed on both US and Hong Kong stock markets.
Trip.com plans to use the proceeds from the HK public offering to fund expansion, invest in technology and for general corporate purposes.
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